PMC Property Group plans to revitalize 230 N. Christopher Columbus Boulevard, one of the many vacant parcels near the Benjamin Franklin Bridge in Philadelphia’s Penn’s Landing District. According to PlanPhilly, the lot has a decade-long history of failed redevelopment projects that have been revolving around Marina View—Lou Cicalese’s plan to create a residential and commercial building on Philadelphia’s Central Delaware Waterfront.

The final version of the Marina View tower that was OK’d by the City Planning Commission in late 2012 called for a 14-story building with 180 apartments built on top of a three-story podium base of structured parking with retail space. However, the developer never went forward with his controversial project and, as previously reported by the Philadelphia Business Journal, sold it for around $5.5 million to an entity affiliated with PMC Property Group.

The new owner has renamed the project One Water Street and hopes to break ground on a 16-story building with 250 rental apartments this July. Designed by Varenhorst Architects to seek LEED certification, the project will also include 73 parking spaces, a fitness center, bike storage room, a green roof and two public green spaces along Columbus Avenue designed by Land Collective’s landscape architect David Rubin. As reported by PlanPhilly, the two public spaces will encompass approximately 11,600 square feet, or 20 percent of the development site.

Though One Water Street is not included in the Central Delaware Master Plan, it received positive feedback from the Central Delaware Advocacy Group which pledged to send a letter of support for the project to the Civic Design Review Committee.

If One Water Street gets the green light for construction, PMC Property Group hopes to complete the project in about 18 months.